362.2010 Hayes release escrow
RESOLUTION AUTHORIZING RELEASE OF ESCROW FUNDS
TO HAYES CONSTRUCTION GROUP IN CONNECTION WITH
DEDICATION OF BEACON HOLLOW DRIVE IN
AUTUMN RIDGE SUBDIVISION
RESOLUTION NO.: 362, 2010
INTRODUCED BY: Mr. Anthony Metivier
WHO MOVED FOR ITS ADOPTION
SECONDED BY: Mr. Tim Brewer
WHEREAS, by Resolution No.: 528,2007 the Queensbury Town Board authorized the
dedication of Beacon Hollow Drive in the Autumn Ridge Subdivision and at the time of dedication,
Hayes Construction Group, LLC provided the Town with $20,700 to ensure completion of the road,
such sum to be held in escrow in accordance with the terms of an Escrow Agreement, and
WHEREAS, as required by the Escrow Agreement, the Town deposited the $20,700 in an
interest bearing account, and
WHEREAS, by Resolution No.: 343,2009, the Town Board authorized the road name change
from “Beacon Hollow Drive” to “Beacon Hollow Way,” and
WHEREAS, the Town’s Highway Superintendent has advised the Town Board that Beacon
Hollow Way has been completed to the Highway Superintendent’s satisfaction in accordance with the
Escrow Agreement, and therefore has requested that the monies held by the Town be released, and
WHEREAS, the Town Board wishes to therefore authorize the refund of funds currently held
in escrow to the Developer as required by the Escrow Agreement,
NOW, THEREFORE, BE IT
RESOLVED, that the Queensbury Town Board hereby authorizes the return of escrow funds
to Hayes Construction Group, LLC in connection with the dedication of Beacon Hollow Way in the
Autumn Ridge Subdivision, which sum shall be the amount of $20,700 plus any earned interest, and
BE IT FURTHER,
RESOLVED, that the Town Board further authorizes and directs the Town Budget Officer to
take such other and further action necessary to effectuate the terms of this Resolution.
st
Duly adopted this 1 day of November, 2010, by the following vote:
AYES : Mr. Montesi, Mr. Strough, Mr. Brewer, Mr. Stec, Mr. Metivier
NOES : None
ABSENT: None